If you’ve never read Leonard E. Read’s I, Pencil, it’s always a good time. A wonderful summation of free market principles, it’s also a document Milton Friedman referred to often. Here’s a parting lesson, straight from the pencil himself:
“The lesson I have to teach is this: Leave all creative energies uninhibited. Merely organize society to act in harmony with this lesson. Let society’s legal apparatus remove all obstacles the best it can. Permit these creative know-hows freely to flow. Have faith that free men and women will respond to the Invisible Hand. This faith will be confirmed. I, Pencil, seemingly simple though I am, offer the miracle of my creation as testimony that this is a practical faith, as practical as the sun, the rain, a cedar tree, the good earth.”
We forget how much of today’s free market views—the language and examples we commonly use—come from Milton Friedman. He belongs in the company of Smith, Bastiat, Hayek, and Von Mises, among a few elite others, in not just espousing the virtues of free markets, but explaining them in ways the non-economist public understood intuitively.
You can see the entire run of his PBS specials here:
“Anna Schwartz was one of the greatest economists of the twentieth century… Anna had done path-breaking research since the 1930s in assembling the monetary statistics that were at the heart of her three monumental books written with Milton Friedman — “A Monetary History of the United States” ( 1963), “Monetary Statistics of the United States” ( 1970) and “Monetary Trends of the United States and United Kingdom“( 1982). I had the good fortune of collaborating with her on papers ever since; we just finished writing ( with Owen Humpage of the Cleveland Fed) “ U.S. Exchange Market Operations in the Twentieth Century.”
– Anna Schwartz, Pioneering Monetarist – Michael Bordo
Indeed. Her work will have a lasting impact for a long time to come.